​This is the archive version of our website, last updated in October 2017. Visit us at www.cfarussia.ru


  • 20 Dec 2016 5:03 PM | Nikolai Pavlov (Administrator)

    CFA Association Russia held its very last business breakfast of this year at Correa’s Café on December 20. Invited keynote speakers this time were Dmitry Khamrakulov, a managing director of VTB Bank, and Alexander Filatov, member of B&N Bank’s board of directors, who joined the event to discuss how fintech companies are changing the landscape of the financial world.

    The two experts argued that the growth of fintech start-ups might represent a disruption of skills to the traditional banking system, as banks are often too slow to adapt to market changes. Being faster and more flexible, fintech companies are likely to outpace traditional financial institutions in the delivery of innovative financial services.  

    The term Uberization has become a buzzword in the financial world. Dmitry Khamrakulov explained that because of fintech start-ups, it is becoming harder for traditional banks and credit unions to sell additional products to customers, as people are opting to use the swipe of a smartphone screen to get financial services that previously were available only in banks.

    With the changing situation, what is there left for banks to do? The presenters said that to successfully compete with fintech companies, banks either need to learn how to become more flexible and embrace technological advances, or acquire successful fintech ventures.

    “Banks should learn how to make decisions fast, even faster than companies, like Google,” the speakers summed up their presentation. In other words, for banks the bar has been set high.

    As smartphones are becoming the essential part of our lives and people are beginning to manage finances in new ways, it becomes apparent that the world is on the verge of exciting times in financial services.

  • 14 Dec 2016 5:21 PM | Nikolai Pavlov (Administrator)

    The 2016-2017 CFA Institute Research Challenge is going on according to the plan. On Monday, December 12, the Moscow Exchange (MoEx), this year’s subject company, held a Q&A session during which experts answered to numerous questions raised by participating students.

    Around 40 students were present at the event. Those who couldn’t make it to the Q&A session, can watch a full video from the event: https://www.youtube.com/watch?v=Ottk3kDGgA8

    Since a full presentation on the subject company was done during the IRC Kick-Off Event on November 11, Sergey Klinkov, the head of IR department at MoEx, got straight to the point and began answering questions brought forward by the students right off the bat.

    It’s worth noting that students were well-prepared, bombarding Sergey with a lot of questions that would help when writing their final reports.

    When Sergey finished, Maria Kharlashkina, head of Capital Market Research & Business Development at MoEx, took the floor and continued the session. All students interested in asking more questions about the subject company are welcome to contact Maria at maria.kharlashkina@moex.com.

    Furthermore, during the MoEx Q&A session, CFA Russia held a draw to win Wiley’s CFA Exam Review Platinum Course worth $1,295. All participating teams were eligible for the draw.

    The next step for the students participating in the IRC is to submit their draft reports due on December 26.​

  • 06 Dec 2016 2:44 PM | Nikolai Pavlov (Administrator)

    CFA Association Russia held this year’s annual CFA Charterholder Recognition Event on December 5 at Moscow’s Soho Rooms club. 

    This was a special evening that welcomed our new members, who have attained their CFA charter in 2016, as well as highlighted the accomplishments of all CFA candidates and members of the CFA Russia community.

    This year, CFA Russia welcomed 129 new members, a record number that shows the CFA charter is gaining recognition in Russia and the CIS.

    CFA Russia invited Gary Baker, Managing Director of CFA Institute’s EMEA region, as the evening’s keynote speaker. As CFA Institute continues to grow in the EMEA region, Gary Baker’s leadership and experience in the investment industry is essential to drive a positive change in advancing CFA mission and values.

    Furthermore, CFA Russia presented its 2016 Annual Ethics Award to Evgeny Gavrilenkov, partner at Matrix Capital, a professor of Moscow’s Higher School of Economics and a former chief economist of Sberbank CIB. The award recognized Evgeny’s work and his demonstration of the highest standards of ethical behavior in the Russian finance market.

    The evening was also a great networking opportunity for everyone. Guests had a chance to mingle with each other and meet the CFA Association Russia Board and staff.

    CFA Association Russia is a non-profit organization that represents the interests of CFA Charterholders and CFA candidates based in Russia and the CIS. Founded in 2004, CFA Russia is a member society of CFA Institute, the global association of investment professionals that sets the standard for professional excellence and credentials. With over 142,000 members across 159 countries, CFA Institute is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community.

    All photos can be found here.

  • 24 Nov 2016 6:33 PM | Nikolai Pavlov (Administrator)

    CFA Association Russia, along with many other societies, has joined the Global CFA Society Passport Program.

    Have you ever gone to countries that have CFA Institute member societies and wanted to get to know them, expanding your professional network? Well, now you can do this with the Global CFA Society Passport Program.

    The Global Passport Program allows members of all participating CFA societies to attend each other’s events at the local member price.

    This is a great opportunity for those who travel and seek to build networks with financial professionals from around the world.

    Furthermore, CFA members from all over the world can learn more about professional trends and developments in other markets.

    When you travel, contact a local society to learn about upcoming events. The Global CFA Society Passport Program logo will appear on the event detail page if that event is eligible under the program
  • 21 Nov 2016 1:44 PM | Nikolai Pavlov (Administrator)

    CFA Institute recognizes not only the hardship of long hours spent studying for the exam, but also a financial burden the CFA exam may put on one's budget.

    When there is a will, there is a way. That is why the CFA Institute offers annually 3,400 access scholarships worldwide to help candidates facing difficulties with paying the full price of the enrollment to the CFA exam.

    As CFA Association Russia grows, so does the number of scholarships allocated to the society. This year our society selected 28 individuals from Russia and the CIS who received the 2017 CFA Program Access Scholarship.


    We thank everyone for applying to scholarships. Out of almost 100 applicants, CFA Russia nominated 28 individuals for the next year scholarship programs. As a selection criteria, CFA Russia considers current financial circumstances and the quality of applicants’ cover letters.

    For those who applied but did not receive an access scholarship, CFA Institute will offer a $150 credit toward the June 2017 exam.

    With the help of scholarships, CFA Institute seeks to attract as many young professionals as possible to the CFA program, and allow them to enroll regardless of individual financial constraints.

  • 19 Nov 2016 1:33 PM | Nikolai Pavlov (Administrator)

    As proven time and again, hard work and practice are best ways to sharpen one's skills. When passing the CFA Exam this could not be more accurate.

    On November 19, CFA Association Russia held the CFA Mock Exam at the Economic Faculty of the Moscow State University.

    The Schweiser Mock Exam helps CFA candidates to put their skills and knowledge to a real test, as it is the closest thing to the actual CFA exam in format, difficulty and length.


    Over 60 people attended the Mock Exam on Saturday morning. The 6-hour long exam was divided into two sessions with an hour break in between.

    After the exam, participants were given answer keys and access to online answer explanations. A special online scoring system of the Mock Exam allows examinees to compare their scores to others.

  • 15 Nov 2016 11:52 AM | Nikolai Pavlov (Administrator)

    While non-traditional investments are still something new in the Russian market and only a handful of financial professionals in Russia have the Chartered Alternative Investment Analyst (CAIA) certificate, there is certainly plenty of room for future growth in both of these areas.

    Guests gathered at Correa’s Café had an opportunity to hear about these and other issues surrounding the liquid alternative investment during the latest business breakfast held by CFA Association Russia on November 14.

    Professor Nelson Lacey from University of Massachusetts talked in details about the role of alternative investments in a healthy economy. CFA Russia’s keynote speaker elaborated how “alternatives,” ranging from private equity, hedge funds and venture capital, can help to balance risks and bring rewards.

    “Alternatives constitute a new industry with explosive growth,” Professor Lacey stressed during the presentation. Considering Lacey was a person who worked on the development of an alternative investment certificate, his words are worth keeping in mind.Stay tuned, as highlights from Lacey’s talk will be published shortly. A full video of the presentation is only available to CFA Russia members.

  • 11 Nov 2016 1:09 PM | Nikolai Pavlov (Administrator)

    On November 11, CFA Association Russia held the 2016-2017 Investment Research Challenge Kick-Off Event within the walls of the Moscow Exchange. 

    Around 50 students from 8 different universities, their faculty advisers and several CFA charterholders attended the Friday night event.

    This year, CFA Russia has the unprecedented number of universities competing at its local Research Challenge. 

    In addition to 42 teams from 31 Russian universities, teams from Belarussian State University and Azerbaijan's Qafqaz University joined the Research Challenge, bringing the total number of participants to almost 200 students.

    Neil Withers, President of CFA Russia, welcomed students and addressed them with a short motivational speech. Then it was Vladimir Tutkevich, CFA Russia’s Executive Director, who took the floor and briefly explained the rules of the Research Challenge. He also highlighted the benefits of the competition for students willing to have a successful career in the world of finance.

    CFA Russia presented a new winners’ cup with the names of all former champions engraved on the trophy. The teams of Moscow State University and Higher School of Economics, the two last year winners, raised the cup. From now on, the names of all future winners of Russia’s local Research Challenge will be inscribed on the trophy.

    The evening followed with the presentation made by Anastasia Noyman of Thomson-Reuters, one of this year’s Research Challenge sponsors. The world’s leading news agency will provide personalized business terminals for each university competing in the Research Challenge.

    After that came the most important part of the evening – the presentation made by Sergei Klinkov of the Moscow Exchange, this year’s subject company. Sergei dove deep into the details about his company, its performance and analytics, and other information Research Challenge participants would need to know to successfully write a report on the subject company. The presentation ended with a Q&A session during which the students had a chance to clarify some of the issues they were particularly keen on learning.

    At the end of the night, students received academic books for financial professionals provided by the publishing company Wiley, another Research Challenge sponsor.

    CFA Association Russia would like to thank all of its sponsors, Wiley and Thomson-Reuters, the two companies that helped to put together the 2016-2017 Investment Research Challenge.​

    CFA Russia thanks everyone for showing up to the Kick-Off meeting, including people who tuned in to watch the event online, and wishes everyone the best of luck.

  • 19 Oct 2016 12:48 PM | Nikolai Pavlov (Administrator)

    Although many might have heard about the Bitcoin payment system, not everyone knows how the decentralized cryptocurrency system works. CFA Association Russia invited Dr. Sviatoslav Rosov, CFA, analyst at CFA Institute London office, to talk about the nitty-gritty details of financial blockchain mechanics and implications, using the example of Bitcoin.

    Guests gathered at Greene King Pub & Kitchen had a chance to learn about the ins and outs of the peer-to-peer payment system, how transactions work and are recorded. Sviatoslav also shared his thoughts why China has become the Bitcoin “mining” superpower and why it is extremely hard to hack the payment system.

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    With all the fuss around Bitcoin, will it eventually drive out banks from the financial payment system? Bankers may breathe out, because this won’t be happening any time soon. According to CFA Russia’s keynote speaker, Bitcoin still has to figure out how to effectively deal with potential security issues and avoid being abused by criminal elements.

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    Stay tuned, as more details and video fragments of the presentation will be published soon.

  • 11 Oct 2016 3:41 PM | Olga Zhurkina (Administrator)

    Almost 25-years ago first franchise stores began pouring into the Russian market. A lot has changed since, with Russia becoming one of the fastest growing markets in the world of franchise business. 

    CFA Association Russia held a business breakfast on October 11 at Greene King Pub & Kitchen. Thanks to two presentations, made by Yuri Mikhailichenko, Patrick and Jack Findaro, guests had a great opportunity to learn about modern trends in franchise development.

    Yuri Mikhailichenko, the executive vice president of Russian Franchise Association (RAF), kickstarted the event by telling the brief history of franchise business in Russia. 

    Yuri continued by warning listeners about “fake” franchises and told how to avoid falling victim to frauders. When buying a franchise, Yuri emphasized prospective entrepreneurs must follow several important steps, making sure a franchise has a set of proper documents, training procedures, a brand book and an officially registered trademark.

    During their presentation, Patrick and Jack Findaro of Visa Franchise LLC spoke about the benefits of franchising. Despite having a few drawbacks that come with franchising, Jack said many businesses are choosing the franchise model due to many benefits that come with it. The key benefits for entrepreneurs are a franchisor’s recognized brand, established business model, a proven track record, and a high success rate.

    Patrick continued the presentation focusing on the process of becoming a franchisee. The elder Findaro mentioned everything from an initial inquiry to the approval of a franchising license. The second presentation also touched upon franchise related investments and how they can help minimize risks when investing overseas.

    The speakers from the United States wrapped up their talk by highlighting opportunities and challenges for franchisors that come with an international expansion.

CFA Association Russia. Ассоциация CFA (Россия) не занимается вопросами приема документов и сдачи экзаменов - это исключительная сфера Института CFA. По всем вопросам, связанным со сдачей экзаменов CFA (Levels I, II, III) просьба обращаться по адресу info@cfainstitute.org

mailto: info@cfarussia.ru

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